BAKU, Azerbaijan, November 7. Snam has reported a 12.2% rise in adjusted EBITDA for the first nine months of 2024, reaching 2.09 billion euros, up by 227 million euros compared to the same period last year, Trend reports.
This growth was primarily driven by strong performance in the gas infrastructure business, which saw a revenue increase of 14.2%, or 303 million euros, the company noted. However, this was partially offset by higher fixed costs, including the commissioning of the FSRU (Floating Storage Regasification Unit) plant in Piombino and increased labor costs, driven by welfare benefits extended to all employees and new hires.
The positive performance of the gas infrastructure business was also tempered by a decline in the energy transition sector, which recorded a loss of 73 million euros. This decline was attributed to the termination of Superbonus incentives for energy efficiency projects and a shift in the biogas/biomethane business perimeter.
Snam also reported an increase in adjusted EBIT, which rose by 14.4%, or 169 million euros, totaling 1.34 billion euros for the first nine months of 2024. This growth was partly offset by a rise in amortization, depreciation, and impairment losses, which increased by 58 million euros (or 8.4%). The higher costs were linked to new assets becoming operational and an ongoing write-off exercise in the transportation segment.